On July 1, 2019, Nigeria’s Federal Inland Revenue Service (FIRS) made the Income Tax (Common Reporting Standard) Regulations 2019 (the Regulations) to regulate how financial institutions are to report on the accounts maintained by persons that are not tax-resident in Nigeria or the United States of America. In this brief, we itemize 12 things your financial institution should know and do under the Regulations
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Did you know that paying taxes could be made in minutes?
Here’s a guideline on how to remit taxes on TaxiTPay®
- Open a TaxiTPay® Account on www.TaxiTPay.com.ng
- On the dashboard, Click payment. Select Taxes; then select P-A-Y-E
- Fill in the company’s details in the Employee Section and the description section
- Click Browse; select your schedule which should include details such as the name of the employees, their citizenship, gross monthly salary, monthly tax deductible, monthly tax remitted
- Click upload. Your payment goes straight to the Lagos State Internal Revenue Service (LIRS)
How easy was that? And you know the best part; it is absolutely free!
I can’t wait to have your feedback on the process and how you made your tax remittances easily.
N.B: To remit taxes (PAYE) through TaxiTPay, your wallet needs to be funded. This is can be done easily with your debit or credit card.
In a few hours, the month of October would elapse, and would effectively usher in November, the second to the last month of the year. I believe it is safe to say the bells would be jingling soon in anticipation of Christmas. One remarkable thing separates Christmas from every other celebration all over the world. It remains the most popular, most generally accepted and biggest celebration that people of all walks of life, religion and social standing cannot help but identify with. I think I should catch myself quickly and come back to reality. Christmas is still at least a good seven weeks away!
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- Employees of Employers that are compliant with their contribution obligations under the Employer Compensation Act (ECA) are entitled to be compensated by the Nigerian Social Insurance Trust Fund (NSITF) in the event of: injury, accidents, mental stress, terminal illnesses or death (altogether “Compensable Event”).
Top 5 States by IGR
The top 5 performing states by Internally Generated Revenue (IGR) which consists of revenue from Taxes and Ministries Departments and Agencies (MDA) are;
- Lagos State – As usual Lagos state leads with the highest IGR of N205.16 billion
- Rivers State – Rivers follows at a distant second with IGR of N75.97 billion
- Delta State – Delta comes in at third place with IGR of 36.39 billion
- Ogun State – Ogun is in fourth position with IGR of 29.58 billion
- Kaduna State – In fifth place comes Kaduna with IGR of 22.40 billion
On October 8, 2019 President Muhammadu Buhari presented the 2020 Budget of Sustaining Growth and Job Creation to the National Assembly.
The Budget Highlights
- The proposed 2020 budget is N10.33 trillion. This is N1.41 trillion higher than the 2019 budget of N8.92 trillion.
- The total estimated revenue is N8.155 trillion. This is N1.15 trillion higher than the 2019 budget of 7.00 trillion
- The 2020 budget deficit stands at N2.18 trillion. This is N0.26 trillion (N260 billion) higher than the 2019 budget deficit of N1.92 trillion.
Value Added Tax (VAT) is definitely the best-known tax in Nigeria. Apart from the fact that we find VAT on receipts given to us almost everywhere e.g at the mall, the cinemas, etc, the Federal Government has practically made Nigerians memorise everything about the proposed increase in VAT like some form of national anthem.
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Hearty Cheers to the ‘Giant of Africa’ at 59. Why again are we called the giant of Africa? Is it because of our great achievements such as having the largest economy in Africa with a GDP of about $380billion or because of our enormous population of about 201 million with over 250 ethnic groups or because we are the one of the largest oil- producing nations? I’d leave that for you to decide.
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Introduction:
The recent revenue drive arising from fall in oil prices and the need to diversify Nigeria’s revenue away from oil to non-oil sources, such as taxation, has led to increase in the frequency of tax audits and investigations conducted by both the Federal Inland Revenue Service (FIRS) and the State(s) Boards of Internal Revenue (SBIR).
The third quarter of this year is slowly coming to an end and we prepare to usher in the fourth and last quarter of 2019. A question ringing loudly in my ears is: How did time fly so fast? It seems just like yesterday when we said, ‘Happy New Year’ and in another twelve weeks or thereabout, we would be saying ‘Merry Christmas’. OK, ignore me. I get that way sometimes.
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